What’s the difference between life insurance and savings?
An example of an AI chatbot conversation about life insurance versus savings options.
What’s the difference between life insurance and savings?
Life insurance provides financial protection for your beneficiaries after your death, while savings is about accumulating funds for future use.
Which one should I prioritize?
It depends on your financial goals. If you have dependents, life insurance is crucial. If you're saving for a goal, focus on savings.
Can I use savings to cover life insurance premiums?
Yes, many people use their savings to pay for life insurance premiums, but ensure you have enough saved for emergencies.
What are the benefits of each?
Life insurance offers security for loved ones, while savings provide liquidity and flexibility for personal goals.
How do I decide the right amount of life insurance?
Consider your debts, income replacement needs, and future expenses like education for children to determine the right amount.
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